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If you’ve been hesitant to open a certificate of deposit out of fear that you might need the money if you lose your job, there may be a solution from Discover Bank. The bank is offering a 12-month certificate of deposit that allows you to withdraw principal and interest or close the account without any penalties in the event of an involuntary job loss. That means the account holder must have lost their job due to a layoff, general strike, lockout, or involuntary termination. Other details of the penalty-free offer include:

You must be employed full-time when the account is opened and for the following 30 days

Americans are socking away more money as they continue to remain concerned about the economy. The personal savings rate grew 1.4% in May to 6.9%, a 15-year high, according to the U.S. Commerce Department. Savings as a percentage of disposable income was 5.6% in April. The savings rate was helped by:

Although consumer spending inched up 0.3%, many people continued to focus on cutting back, paying off debt, and saving up for unexpected events such as job cuts. The unemployment rate is expected to increase to 9.6% for June when the government releases its monthly jobs report next week, so many Americans will continue with efforts to be more frugal and put off unnecessary purchases. Nevertheless, the economic data released this week seem to indicate that the Obama stimulus plan is starting to show some results.

Irwin Union Bank is offering a free Sharp 22 inch HD TV, LCD TV, or FLIP MinoHD Mini-Camcorder for opening an 11-month certificate of deposit. CD rates for this product vary based on zip codes, so you’ll have to enter yours to get a quote. A check of about 12 random zip codes throughout the U.S. found CD rates ranging from 2.01% APY to 2.21% APY as of June 23. Other details of the offer include:

—Minimum $20,000 deposit

—Interest rate will apply only to accounts opened online

—Penalty for early withdrawal will equal 91 days interest on amount withdrawn, plus $500 for costs associated with the promotional gift

—Free TV or camcorder will be provided within 30 days of opening the certificate of deposit

—Any taxes associated with the free gift are the account holder’s responsibility

The free HD TV or camcorder offer also applies to opening a new business checking account or Money Market Investment Account (MMIA). The business checking account offers digital images of all checks, unlimited support from the bank’s business experts, and a web-based business resource center. The MMIA account features no monthly service charge, free and unlimited ATM usage, and up to six transfers per month. Irwin Union Bank has branches in nine Midwestern and Western states.

Citizens Bank has two savings accounts for people looking ahead toward their children’s college education or toward purchasing a home. Both savings accounts offer the potential to earn a $1,000 bonus. Here are the details of both offers.

Open a CollegeSaver account before your child’s sixth birthday, and Citizens Bank will pay you a $1,000 bonus plus interest when your child turns 18. To receive the bonus you must make a minimum deposit of $25 each month every year; you can skip one deposit per year. Other savings features include:

Annual percentage yield (APY) increases as your balance grows

No monthly maintenance fee

Anyone can open a savings for a child with a social security number and birth date.

The second savings account offer is for a $1,000 credit toward closing costs when financing a home with a HomeBuyer Savings account. The terms include:

Save a minimum of $100 a month for 36 months (you can skip one payment per year)

Calculator to set up a savings plan for a down payment

Help getting prequalified for a mortgage

Close on a Citizens Bank mortgage within three years after the initial 36-month savings period.

Both the CollegeSaver and HomeBuyer Savings accounts allow free transfers from Citizens Bank checking accounts. You can open both accounts at a branch or by phone, but the HomeBuyer Savings can also be opened online.

Discover Bank is offering a 5-year certificate of deposit with an interest rate of 3.44%, one of the best CD rates this week. The annual percentage yield (APY) on the 5-year CD is 3.5%, and assumes that principal and interest remain in the account for the full term. The CD offer is for personal accounts only. Rates can change at any time, so it’s important to check frequently for the best CD rates. Other features of the Discover Bank offer include:

Minimum deposit of $2,500

Early withdrawal penalty

FDIC deposit insurance of up to $250,000 per depositor through Dec. 13, 2013

Interest compounded daily and credited each month.

Once the account is opened, you cannot deposit addition funds until the CD has reached maturity. The interest is compounded daily and will be credited each month. You can withdraw the interest on the account at any time, but doing so means you won’t receive the APY that is quoted. Also, if you make an early withdrawal, you’ll pay six months simple interest on the amount of the withdrawal. Discover Bank has a list of other fees associated with certificates of deposit.

Discover sends out CD account statements once a year in January, and you can also review them online.

Bank rates
provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates

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Advertiser Disclosure: Many of the savings offers
appearing on this site are from advertisers from which this website receives compensation for being listed here.
This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). These offers do not represent all deposit accounts available.